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February 12, 2008

Gadenne to Head RIIA Full Time

Divests his stake in Retirement Engineering to focus on expanding RIIA

Francois Gadenne, the founding chairman of the Retirement Income Industry Association (RIIA), will now assume full-time leadership of the nonprofit organization, and will divest his commercial interests--including ownership in his company, Retirement Engineering, Inc.--and its associated assets including all intellectual property assets. Gadenne will continue to serve RIIA as chairman of its board.

Gadenne said in a statement that divestiture of his private business interests will make it possible for him to fully explore emerging growth opportunities that will accelerate RIIA's already impressive growth pace. "I expressed my view to the Board that divestiture was appropriate at this time, and the Board agreed," he explained. "This will eliminate any potential for competing interests among member companies and me arising out of intellectual property rights. Divestiture also paves the way for me to focus exclusively on RIIA's expansion, including capitalizing on multiple growth opportunities."

RIIA Board Member Elvin Turner said in the statement that "the continuing implementation of Francois's vision, as demonstrated by RIIA's rapid growth, unique cross-silo/cross-industry mission, and coordinated committee activities, is integral to RIIA's future success. The Board secured Francois's ongoing leadership so that the association can fulfill its distinct role in furtherance of the success of the retirement income industry."